Can the Shanghai LNG Price Index indicate Chinese market?An econometric investigation using price discovery theory

作     者：Yeli ZENG Cong DONG Mikael HOOK Jinhua SUN Danyang SHI Yeli ZENG;Cong DONG;Mikael HÖÖK;Jinhua SUN;Danyang SHI

作者机构：School of Economics and ManagementChina University of PetroleumBeijing 102249China School of International Trade and EconomicsUniversity of International Business and EconomicsBeijing 100029China Department of Earth SciencesUppsala UniversityUppsala 75105Sweden Crude Oil DepartmentPetro China International Co.Ltd.Beijing 100033China 

出 版 物：《Frontiers in Energy》 (能源前沿（英文版）)

年 卷 期：2020年第14卷第4期

页      面：726-739页

核心收录：

学科分类：0202[经济学-应用经济学] 02[经济学] 020205[经济学-产业经济学] 

基　　金：the Postdoctoral Science Foundation of China(Grant No.2018M641289) the Science Foundation of China University of Petroleum Beijing(No.ZX20200109) the China Scholarship Council 

主　　题：liquefied natural gas price index Shanghai Petroleum and Gas Exchange price discovery market reforms 

摘      要：China became the world s second largest liquefied natural gas(LNG)importer in 2018 but has faced extremely high import costs due to a lack of bargaining *** of the Shanghai LNG Price Index,first released in 2015,are vital for improving the understanding of these cost *** paper,using the LNG price index data from the Shanghai Petroleum and Gas Exchange(SHPGX)coupled with domestic and international LNG prices from July 1,2015 to December 31,2018,estimates several econometric models to evaluate the long-term and short-term equilibriums of the Shanghai LNG Price Index,the responses to market information shocks and the leading or lagging relationships with LNG and alternative energy prices from other *** results show that the LNG price index of the SHPGX has already exhibited a long-term equilibrium and short-term adjustment mechanisms to reflect the average price level and market movements,but the market information transparency and price discovery efficiency of the index are still *** s LNG market is still relatively independent of other natural gas markets,and marketization reforms are under way in *** influence of the SHPGX LNG price index on the trading decisions of market participants is expected to improve with further development of China s LNG reforms,the formation of a natural gas entry-exit system,and the increasing liquidity of the hub.